Praxis Investment Management Inc. Acquires Shares of 4,240 Prosperity Bancshares, Inc. $PB

Praxis Investment Management Inc. acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,240 shares of the bank's stock, valued at approximately $298,000.

Several other institutional investors have also bought and sold shares of the business. TD Asset Management Inc lifted its position in Prosperity Bancshares by 2.8% during the second quarter. TD Asset Management Inc now owns 44,834 shares of the bank's stock valued at $3,149,000 after purchasing an additional 1,200 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Prosperity Bancshares in the 2nd quarter worth about $572,000. CWM LLC lifted its holdings in shares of Prosperity Bancshares by 72.0% in the 2nd quarter. CWM LLC now owns 29,384 shares of the bank's stock worth $2,064,000 after acquiring an additional 12,302 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Prosperity Bancshares by 18.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 9,486 shares of the bank's stock worth $666,000 after acquiring an additional 1,454 shares during the last quarter. Finally, Inspire Investing LLC lifted its holdings in shares of Prosperity Bancshares by 14.6% in the 2nd quarter. Inspire Investing LLC now owns 5,552 shares of the bank's stock worth $390,000 after acquiring an additional 707 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Price Performance

PB stock opened at $63.28 on Friday. The company has a market capitalization of $6.01 billion, a PE ratio of 11.51, a P/E/G ratio of 0.94 and a beta of 0.73. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $86.75. The firm's 50-day moving average is $66.79 and its 200 day moving average is $68.38.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. The company had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter last year, the firm posted $1.22 EPS. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PB has been the subject of several analyst reports. Hovde Group lowered their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. TD Cowen initiated coverage on shares of Prosperity Bancshares in a report on Thursday, September 25th. They issued a "buy" rating and a $79.00 target price for the company. Cowen initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, September 24th. They issued a "buy" rating for the company. Cantor Fitzgerald initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 target price for the company. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $82.27.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $70.21, for a total transaction of $42,126.00. Following the transaction, the director owned 44,800 shares of the company's stock, valued at approximately $3,145,408. This trade represents a 1.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 14,300 shares of company stock worth $960,266. Company insiders own 4.20% of the company's stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

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